RSX crashes, losing $0.70 (-3.35%) within a single day on high volume
VanEck Vectors Russia ETF (RSX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
RSX ended Wednesday at 20.17 tanking $0.70 (-3.35%) on high volume. This is the biggest single-day loss in over a month. The last time we've seen such an unusually strong single-day loss on December 20, 2018, RSX lost -1.95% on the following trading day. Today's close at 20.17 marks the lowest recorded closing price since January 15th. The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (RSX as at Feb 13, 2019):
Wednesday's trading range has been $0.60 (2.9%), that's far above the last trading month's daily average range of $0.23. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for RSX.
One bearish candlestick pattern matches today's price action, the Black Candle.
The ETF closed back below the 200-day moving average at 20.69 for the first time since January 29th.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Down Move" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for RSX. Out of 210 times, RSX closed higher 55.71% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.19% with an average market move of 0.47%.